Morning Headlines

Thursday, 30 August, 2018 - 06:52

Rates on the rise: Westpac takes first shot with interest hike

Westpac has fired the gun on the first home-loan rate hikes made independently of the Reserve Bank for three years, with the other major banks set to follow. The Aus

Future Fund races to cover pension gap

The Future Fund’s outperformance has not been enough to close the gap on public service pensions that have blown out to $180 billion in the past financial year, but the fund “should” be able to do so by 2026, when the government wants to start withdrawing money, chairman Peter Costello says. The Aus

Deeks to dangle $130b carrot

WA Agent General Mike Deeks will today urge the world’s oil and gas service companies to get a slice of a $130 billion, 20-year pipeline of work by establishing headquarters in Perth. The West

Unis first to win from Indonesia free-trade deal

The two leaders will also announce a trade deal allowing Australian universities to own controlling stakes in Indonesian institution. The Aus

South32 to offload S Africa coal asset

South32 boss Graham Kerr is set to fire the starter gun on the sale of his company’s South Africa Energy Coal, a year after setting out to create a standalone business capable of taking external capital and being split from its parent. The Fin

Fitzroy River could be $1b food hub

WA’s Kimberley could be the State’s next agricultural hub, supporting thousands of jobs and a $1 billion-plus crop industry, according to a study from the CSIRO. The West

SCEE charges up

Southern Cross Electrical Engineering reported a full year profit after tax of $8.4 million, up from a loss of $369,000. The Fin

 

 

The Australian Financial Review

Page 1: New Energy Minister Angus Taylor has equated power companies to the banks, saying they have forfeited their social licence and should brace for heavy-handed intervention to force down electricity prices.

Scott Morrison has warned MPs and party officials after the promising Victorian MP Julia Banks announced she was quitting at the election to protest against the dumping of Malcolm Turnbull and what she says is a culture of bullying female MPs.

Page 17: The $146 billion Future Fund says it remains concerned about the long-term outlook for investment markets, even though it admitted surprise at the strength of the global economy.

The corporate regulator is understood to have trawled through months of phone calls at several insurers, as part of a deep dive into potential shoddy sales practices, and ahead of the sector fronting the royal commission.

Page 18: South32 boss Graham Kerr is set to fire the starter gun on the sale of his company’s South Africa Energy Coal, a year after setting out to create a standalone business capable of taking external capital and being split from its parent.

As first reported by Street Talk on Wednesday, mining magnate Gina Rinehart, Australia’s third-richest person, has agreed to write a $68.9 million cheque in return for a 19.9 per cent stake in the Riversdale Resources.

Page 20: Virgin Australia is forecasting it will be profitable by the first half of 2019-20, based on strong forward domestic bookings and despite higher fuel costs.

Page 21: Investors have backed RCR Tomlinson’s plan to diversify into rail projects as the engineering group’s shares reopen for trading after a $57 million writedown, but analysts have warned a lower stock price will make it an easier takeover target.

Page 27: Atlas Iron, which is being acquired by Gina Rinehart-backed Redstone, reported a full-year net loss after tax of $162.9 million compared to a profit of $47.9 million.

Southern Cross Electrical Engineering reported a full year profit after tax of $8.4 million, up from a loss of $369,000.

 

 

The Australian                                                                                                                          

Page 1: Westpac has fired the gun on the first home-loan rate hikes made independently of the Reserve Bank for three years, with the other major banks set to follow.

Page 2: Health insurance giant Medibank has warned that one in eight of its customers is being forced to pay specialists up to $500 in out-of-pocket costs, as it launches a tool to lessen bill shock.

Page 4: The two leaders will also announce a trade deal allowing Australian universities to own controlling stakes in Indonesian institution.

Page 17: TPG Telecom and Vodafone Hutchison Australia are set to unveil plans for a merger of equals today in a scrip deal that will create a telecommunications giant worth at least $10 billion.

The Future Fund’s outperformance has not been enough to close the gap on public service pensions that have blown out to $180 billion in the past financial year, but the fund “should” be able to do so by 2026, when the government wants to start withdrawing money, chairman Peter Costello says.

Page 19: The Federal Court has given AMP a reprieve by transferring four competing shareholder class actions against the scandal-hit wealth manager to the NSW Supreme Court, where a fifth, but first to be filed, legal suit is already in train.

Page 20: Shares in grocery wholesaler Metcash rallied more than 10 per cent yesterday after chief executive Jeff Adams told investors at the company’s annual meeting that an improvement in sales reported in June had continued into the new financial year.

Page 25: Property funds manager Primewest is pushing deeper into the large-format sector by snapping up a homemaker centre in Rockhampton, Queensland for $38 million.

 

 

The West Australian

Page 5: Ange Papadopoulos — who once guided the careers of some of WA’s greatest footballers — officially completed the journey from West Perth penthouse to crowded jailhouse yesterday after being handed an 11-year prison sentence for supplying $1 million of methamphetamine.

Page 9: A former Health Department executive — now embroiled in a bribery scandal exposed by the Corruption and Crime Commission — has welcomed a further inquiry ordered by the State Government this week.

Page 12: WA’s Kimberley could be the State’s next agricultural hub, supporting thousands of jobs and a $1 billion-plus crop industry, according to a study from the CSIRO.

Page 22: Federal Labor leader Bill Shorten will today promise to save patients in Perth’s eastern suburbs hundreds of dollars on MRI scans.

Business: WA Agent General Mike Deeks will today urge the world’s oil and gas service companies to get a slice of a $130 billion, 20-year pipeline of work by establishing headquarters in Perth.

Black Dragon Gold made a steady debut on the Australian Securities Exchange, closing yesterday at its 20¢ issue price. The Paul Cronin-led company, already listed on Canada’s TSX-V, raised $6 million through Hartleys.

Drilling contractor Swick Mining Services reported a $1 million net loss, compared with a $4.6 million loss the year before.

Albany construction business Tectonic Construction Group entered liquidation last week after a cost blowout on a public project.

Building materials company Boral lifted profit by almost 50 per cent to $441 million, boosted by a strong construction market in Australia and its Headwaters acquisition in the United States.

After coming close to collapse in 2014, women’s wear retailer Noni B has produced a fivefold surge in profit and is on track to boost future revenue to $1 billion a year.

More than $900,000 of bills linked to two corporate deals have condemned WA lender Goldfields Money to a third straight annual loss.